Partnership will prepare an extra account after the profit and loss account. This account is:
Balance sheet
Final account
Partnership account
Profit and loss appropriation account
Each member of partnership has an account other than capital. This is:
Capital account
Current account
Personal account
Nominal account
A capital account has:
Debit balance
Nominal balance
Personal balance
Credit balance
Another name of partnership deed is:
Partnership agreement
Partnership capital
Partnership loan
Liability
In which section of Indian constitution is partnership defined?
Section 4
Section 3(j)
Section 2 (h)
Section 11
Name of the account which shows the net profit/loss shared between partners.
Profit & loss account
Profit & loss appropriation account
Final accounts
The risk are shared. This is the feature of:
Sole trader
Company
Partnership
HUF
Interest on loan account is transferred to:
Debit of the profit and loss account
Credit of the profit and loss account
Debit of the trading account
Credit of the trading account
The amount of balance, after the interest on capital and partners' salaries are deducted is known as:
Profit
Net profit
Residual profit
Gross profit
Loans from partners is:
Part of capital
Not a part of capital
Part of asset
Part of drawings